In return for cash and common stock, Centurion Mines (NASDAQ) has acquired the Grand Central mine and 70% control of Mammoth Mining, thereby securing a prospective land package encompassing about 500 acres in the heart of Utah’s Tintic district.
The company also acquired 10,800 acres of privately owned mineral rights in the West Tintic and Sheep Rock districts.
Centurion holds one of the largest ground positions in the historic mining region, and its latest addition includes five past-producing mines. These mines are reported to have produced 691,000 oz. gold, 29.5 million oz. silver, and 78 million lb. of copper. Average grades were 0.3 oz. gold and 12.5 oz. silver per ton and 1.6% copper.
The newly acquired package includes privately owned, patented mining properties, with no outstanding royalties or other obligations. Most of the mines were closed more than 50 years ago for economic reasons. Centurion has identified two blocks of indicated reserves in the near-surface portion of the Mammoth mine, and these can be mined within the next 12 months using existing underground workings. The first block contains 15,000 tons averaging 19.36% copper, while the second contains an estimated 50,000 tons averaging 0.22 oz. gold, 22.5 oz. silver and 7.22% copper.
Also available is stockpiled material previously mined at the Grand Central mine, which requires only crushing, transportation and smelting. Based on sampling, this block contains 10,400 tons of 0.167 oz. gold, 7.2 oz. silver and 0.93% copper.
Centurion has retained Flour-Daniel Wright to develop a mining plan. Permitting is under way and contractors have submitted mining proposals to Centurion. All infrastructure necessary for supporting a mining operation is available.
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